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DISCOUNT CORPORATION STOCKHOLDERS APPROVE MERGER WITH ZIONS FIRST NATIONAL BANK

 -- Closing Scheduled for Tomorrow --
 NEW YORK, Aug. 10 /PRNewswire/ -- Discount Corporation of New York


(NYSE: DCY) announced that, at today's special stockholders' meeting, its stockholders approved the merger of Discount with Zions First National Bank, a wholly-owned subsidiary of Zions Bancorporation (NASDAQ-OTC: ZION). Approximately 74 percent of Discount's stockholders voted in favor of the merger. A two-thirds vote was required for approval of the merger. The transaction between the two companies is scheduled to close tomorrow, August 11th. As previously announced, Discount's management has preliminarily estimated that Zions will pay $8 per share for Discount.
 Under the terms of the agreement between Discount and Zions, Discount stockholders are entitled to receive an initial cash payment of $7 per share which will be paid promptly following the closing. Upon completion of a post-closing audit, which is to occur within 45 days after the closing of Discount's balance sheet and determination of the Company's net asset value on the closing date, stockholders will be entitled to receive additional consideration of $1.00 per share, subject to certain agreed upon adjustments as described in the Proxy Statement.
 Discount Corporation of New York was founded in 1918 and entered the government securities business in 1921. The corporation has been a primary dealer since 1960, has been publicly owned since 1961 and has been traded on the New York Stock Exchange since 1986. It was the last remaining stand-alone primary dealer in the government securities markets. After the closing, Discount Corporation is expected to operate as a division of Zions First National Bank, retaining its 72-year old name and its present New York City location at 58 Pine Street.
 Zions First National Bank is a wholly-owned subsidiary of Zions Bancorporation, the second largest bank holding company in Utah, with total assets of $3.9 billion as of March 31, 1993. Zions First National Bank provides full commercial, consumer, investment, trust, and correspondent banking services, primarily in Utah, and specializes in Utah municipal bonds and Small Business Administration (SBA) loan pools.
 -0- 8/10/93
 /CONTACT: Phebe Miller, general counsel of Discount Corporation, 212-248-5057, or Jeffrey Z. Taufield or Mary Horne, both of Kekst and Company, 212-593-2655/
 (DCY ZION)


CO: Discount Corporation of New York; Zions First National Bank ST: New York, Utah IN: FIN SU: TNM

TM -- NY092 -- 1397 08/10/93 17:39 EDT
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Publication:PR Newswire
Date:Aug 10, 1993
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